Top UK betting Giant William Hill is approached by 888 and Rank Group for a Merger. William Hill is one of the most trafficked online and offline betting company of the United Kingdom, which received this proposal by 888 and rank Group. The company said that it would consider any such proposals; however it is not clear that how will things get in process and how would the Merger takes place.
The Rank group as well as with 888 said that they saw a “significant industrial logic” in the combination and if the deals takes place, it will be simply awesome for all the parties participating.
William Hill confirms that the approach made by 888 or Rank group is highly primary and there is nothing like formal offer.
William Hill Share gone up by 4.8%, while 888 shares were up by 3.4%. In the mean time Rank lost by 0.5%, just after the news spreaded.
According to the reports, William Hill online business was not doing well since many seasons and the net revenue of the company’s online business was down by 11% in its April 2016.
The chief executive officer of William Hill i.e. James Henderson was sacked from the company before a few days due to continuous loses in their online business and then the news of merging the company to 888 and rank is quite surprising.
Mr. Henderson was failed to restore the company’s online business, despite being elected as a CEO. Due to the continuous loses; William Hill’s shares have gone down by 21% since the start of the year.
While the news got spread, 888 and Rank said that “there is no certainty that any transaction would take place in near future”.
Current Rank Chief Executive officer Mr. Henry Birch is a former head of William Hill’s online casino. William Hill is UK’s largest bookmaker and any developments regarding the Merger, we’ll provide you the details.